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Winnipeg Industrial Market Report Q4 2022

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research article

Closing 2022 on a high, the Winnipeg industrial market’s leasing activity remained strong with significant under-construction and planned industrial developments in the pipeline. These under-construction developments are concentrated mainly in the Northwest market, which currently makes up 90% of such projects. 

  • The vacancy rate decreased to yet another all-time low of 1.3%, down from 1.5% the previous quarter. In Q3, the East quadrant of the city had one of the lowest vacancies at 0.9%. With an additional new supply of 45,000 square feet, the vacancy rate slightly increased to 1.1% in Q4. Regardless of the new supply, the East market’s vacancy rate remains the lowest in the Greater Winnipeg industrial market. 
  • The continuous decrease in vacancy has continued to place upward pressure on asking net rental rates across all industrial asset sizes. The fourth quarter saw a 28.8%  year-over-year increase in asking 
    rent to $10.18 per square foot. This can be attributed to the low vacancies leading to fewer available options for lease, resulting in older industrial products charging similar rental rates to newly constructed buildings.
 

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Winnipeg Industrial Market Report Q4 2022

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Pour plus d’informations, veuillez contacter:

Dan Chubey

Managing Director | Winnipeg Brokerage

Winnipeg

Dan Chubey is the Managing Director, Winnipeg brokerage responsible for leading the sales advisor team as well as oversees operations, recruitment and strategic business development. Dan played an active role integrating the Colliers Winnipeg office with Colliers International and his focus is on leveraging our strong systems and technology to build for future growth.

Dan joined Colliers International in September 2018 after a 15 year career with global brewing leader ABI where his previous roles saw him as a Director with leadership responsiblity for the commercial business units of British Columbia, Ontario, and Manitoba. Recognized on numerous occassions as a top performer, his focus was on the development of high performing teams that grew market share while also prioritizing key financial metrics including top line and EBITDA growth.

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Adam Jacobs

Head of Research | Canada

Toronto Downtown

Colliers Canada's head of research, leading a cross-country team of 20 mapping, analytics and research professionals. Formerly head of Canada research at Cushman Wakefield and Director of Analytics at Oxford Properties. Featured in mainstream publications such as the Toronto Star, industry publications and podcasts. Specializing in the big picture and the fundamentals driving real estate - demographics, the macro environment and the global economy. 

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